Situations arise when using a telescoping space out joint (TSOJ) that require raising the tubing string with the hanger released the extent of the stroke of the TSOJ before the desired movement at a subterranean location can be obtained. In these situations there is a safety feature that has to be disabled to get the actuation to happen at a remote location. Thus a possibility of loss of well control occurs such as for example when trying to close a barrier valve with a shifting tool with the hanger unset and the valve still not fully closed. This problem is illustrated in FIGS. 1-4. A cased borehole 10 has a packer 12 and a barrier valve 14 suspended by the packer 12. The barrier valve 14 is run in open and the packer 12 is set as shown in FIG. 1. In FIG. 2 that assembly of a tubing string 16 with a hanger 18 is run in with a TSOJ 20 that has a shifting tool 22 at the lower end. In FIG. 3 the liner hanger 18 is schematically shown as set by showing it in contact with the casing 10. The TSOJ 22 compensates for the component spacing from the hanger 18 in the set location. Compensation for spacing is achieved when 24 and 26 separate to leave the barrier valve 14 still in the open position. The problem is best seen in FIG. 4 when it is time to close the barrier valve 14. The hanger 18 has to be released and then picked up to bring surfaces 24 and 26 together before any movement of the shifting tool occurs so that the barrier valve 14 can close. In FIG. 4 that hanger 18 is released and still needs to be raised more before the shifting tool 22 will put the barrier valve 14 into a closed position.
The present invention addresses this problem when a TSOJ is used by allowing the hanger to remain set and adding a hydraulic actuator to lift the shifting tool with the hanger remaining fixed. A control line powers a piston to selectively grab the pipe and raise it to close a barrier valve or some other tool. The actuated position is held with a check valve that responds to pressure differential to act as a dump valve. This allows holding the shifting tool in the shifted position by maintaining control line pressure and allowing the shifting tool to come back down by venting the control line pressure to a predetermined differential pressure across the check valve to allow it to vent. These and other features of the present invention will be more readily understood by those skilled in the art from a review of the description of the preferred embodiment and the associated drawings while recognizing that the full scope of the invention is to be determined by the appended claims.